In the latest update of CoinShare’s weekly crypto assets report, the cryptocurrency market witnessed significant inflows totaling $1.18 billion last week, although it fell short of the record set during the launch of futures-based Bitcoin ETFs. Entries subject to the T+2 consensus have given significant momentum to the crypto asset investment sector. Meanwhile, there were also large inflows into altcoins such as Ethereum, Cardano, and XRP. Here are the details…
Corporates focus on Bitcoin and Ethereum
Trading volumes for the week reached an all-time high of $17.5 billion, marking a significant increase over the 2022 weekly average of $2 billion. Notably, this increase accounted for nearly 90% of daily trading volumes on reliable exchanges last Friday and was indicative of increased market activity. While the USA led the rise with an inflow of $1.24 billion, there were small outflows in Europe. Switzerland saw $21 million inflows; This suggests a potential shift in trade strategies from Europe to the US, as evidenced by outflows from Canada ($44 million), Germany ($27 million) and Sweden ($16 million).
Bitcoin continued its dominance, attracting $1.16 billion worth of inflows, equivalent to 3% of total assets under management (AuM). Interestingly, a small inflow into short-term Bitcoin products was also observed, totaling $4.1 million. The other two prominent cryptocurrencies, Ethereum and XRP, witnessed positive trends with inflows of $26 million and $2.2 million respectively. However, Solana experienced a modest inflow of $0.5 million, making it an exception in the market dynamics. There were no entries in BNB Coin. There was an inflow of $1.4 million and $200 thousand for Cardano and Polkadot, respectively.
What is the latest situation in Blockchain stocks?
In addition to crypto assets, blockchain stocks also saw significant inflows of US$98 million, contributing a total of $608 million over the past seven weeks. This increase shows that investors have increased confidence in blockchain-related companies. While last week’s inflows did not surpass the record set during the launch of futures-based Bitcoin ETFs in October 2021, the overall market performance and increasing trading volumes point to a robust and active cryptocurrency environment. As the market continues to evolve, investors are eagerly awaiting future developments that could further shape the course of crypto asset investments. Stay tuned for more updates on CoinShare’s informative reports and the evolving landscape of the cryptocurrency market.
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